- Yanlord Land Group (SGX:Z25)'s 1H23 earnings in line, with contribution shortfall from JV and associate projects offset by better-than-expected booking margin.
- Revenue grew 31% y-o-y alongside a 160% increase in GFA delivered that was partly offset by a 49% drop in ASP mainly due to a change of product-mix during the period. This was in line with our expectations, locking in 36% of our full-year estimate.
- - Read this at SGinvestors.io -
- All-in, Yanlord's 1H23 core profit fell 20% y-o-y, which formed 45% of our full-year estimate, in line with expectations.
Balance sheet held up well despite a tough liquidity environment; eyes on repayment plans for upcoming maturities.
- - Read this at SGinvestors.io -
- Cash to short-term debt ratio largely held up at 1.1x (vs 1.2x as of Dec-22), while adjusted liabilities to asset ratio improved to 64.5%.
- Yanlord's short-term debt as % of total debt rose to 43% (vs 37% as of Dec-22) given the relatively sizable maturity falling due in the next 12 months.
Developments that aid its repayment capability would be share price catalysts.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Jason LAM DBS Group Research | Ben Wong DBS Research | Dexter CHUN CFA DBS Research | https://www.dbs.com/insightsdirect/ 2023-08-16
Previous report by DBS:
2023-03-17 Yanlord Land - Adopting A Defensive Strategy.
Price targets by other brokers at Yanlord Target Prices.
Listing of research reports at Yanlord Analyst Reports.
Relevant links:
Yanlord Share Price History,
Yanlord Announcements,
Yanlord Dividends & Corporate Actions,
Yanlord News Articles
